Product life cycle (PLC) is the course of a product that product’s sales and profits over its lifetime. It involves five distinct stages; such as-
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- Convenience products
Convenience products are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
- Post purchase behavior
The stage of the buyer decision process in which consumers take further action after purchase based on their ...
- Customer-perceived value
Refers the customer’s evaluation of the difference between all the benefits and all the costs of market offering relative to those competing offers.
- Click-only companies
Click-only companies– the so-called dot-coms, which operate online only and have no brick-and-mortar market presence.
- Buying center
The decision-making unit of a buying organization is called its buying center- all the individuals and units that play a role in the business purchase decision...
- Advertising budget
Advertising budget refers to the dollars and other resources allocated to a product or a company advertising program. A brand’s advertising budget often depends...
- Percentage-of-sales method
Percentage-of-sales method is a method that refers to set the promotion budget at a certain percentage of current or forecasted sales or as a percentage of the unit price.